When buying a dental practice, the two most important things to know about your patients (before you own the practice, anyway) are AGE and GEOGRAPHY. Knowing just these two pieces of information can give you a massive heads-up about what kind of practice you’re stepping into.
Author Archives: Brian Hanks
08
Dec
Dec
Q: What is an ideal active patient count for dental practices?
A: There is not a definitive number! However, conventional wisdom says you should see an active patient count of ~900 patients for every $500,000 in collections.
That being said, active patient count is not as important as people think it is. At least, not on its own. Let’s dig into the context.
01
Dec
Dec
Q: How do I analyze production when buying a dental practice?
A: When reviewing office production, look into three categories: ratio of collections to production, hygiene production, and procedure production.
This breakdown, though seemingly simple, speaks a lot to your future in the practice and how well it aligns with your skillset.
Ownership
Dental Practice Ad Budgets Tell a Story You Need to Know | Being a Good Dental Practice Owner
17
Nov
Nov
A practice will generally spend between 1% and 4% of collections on advertising.
That being said, there’s a whole lot of context to consider for that average number to make sense. In this post and the accompanying video, I’ll give you that context.
03
Nov
Nov
To retain your patient base after a transition, there are two vital things you must do for the first several months. First, keep the staff. Second, maintain a similar clinical approach as the seller.
In this post and video, we’ll dive mostly into that second topic.
27
Oct
Oct
One of the most influential factors that lead to your success as a new owner won’t be the roadside visibility or advertising costs, but rather something, or should I say someone(s), on the inside: the existing staff members.
Practice Purchase Analysis
Why I Don’t Like Buying from Multi-practice Owners | Evaluating a Dental Practice Purchase
21
Oct
Oct
Q. Should I buy from a multi-practice owner?
A. In general, I recommend steering clear of any dental practice transition where the seller owns multiple locations for several reasons. In this post and the accompanying video, I dive into each of them.
Ownership, Practice Purchase Analysis
Identifying Habits of Successful Dental Practices | Negotiating a Dental Practice Purchase
12
Oct
Oct
A two-fer! In this blog post, I give some advice to dentists who will become business owners after buying a practice. What are the habits you can cultivate to help your business stay on track?
And in the video (click through to watch), I tackle a related topic. If you’re looking at a dental practice to buy, there are plenty of numbers and hard data to look at to assess the health of the practice. But outside of the quantitative data, what about the qualitative aspects? What should you be looking at to judge whether a practice is the right one for you to buy? I’ve got three business habits that a practice should exhibit to let you know it’s worth your consideration.
Practice Purchase Analysis
Should Dentists Buy the Building with the Practice? | Negotiating a Dental Practice Purchase
05
Oct
Oct
You’re usually not benefitting as much financially by purchasing the facility as you think you are. Most lease versus buy analysis come out pretty close. That being said, you are buying control over your space AND you’re buying a forced savings plan in real estate investment. Read on for more details.
Practice Purchase Analysis
Facility Costs for Dental Practices – How Much SHOULD You Pay? | Evaluating a Dental Practice to Buy
30
Sep
Sep
Facility costs should account for 5-10% of practice collections, whether you’re renting the facility or purchasing it. This expense is very geographically specific so there is no exact benchmark price you should pay for a facility. But 5-10% is a good range to start with.